Chapter 12: Collecting Payments
Especially if you’re working with one-time contractors, payment services like Venmo or Zelle can be a great option for your small business. Both Venmo and Zelle offer business profiles that function pretty much exactly the same as a personal account, and are super easy to set up. This can be incredibly helpful to pay that photographer for a photoshoot, or an artist to design a logo. You can also use both of these providers to accept payments as a small business if you’d like, with the main advantage being instant transfers. One thing to keep in mind though, when you transfer funds to or from your business bank account, the charge will only be listed as “Venmo” or “Zelle”. On the accounting side of things, you’ll want to make sure you keep track of any and all transactions through these platforms with detailed notes so that you can square everything away on the back end. Specifically including the reason for the transaction when you actually send money can be helpful with this - several times I’ve found myself going through Quickbooks only to see a “Venmo” charge I don’t know how to categorize. It’s easy to refer back to the transaction history and see what the actual expense was if you list it upfront.